Climbing out

Losses and gains aren't symmetrical. A 50% loss needs a 100% gain just to get back to even, and the time it takes is time your money isn't growing.

Make it real optional
%/yr
%/yr
Fees slow the climb. Inflation means getting back to even on paper isn't getting back to even in what your money buys.
Volatility drag

What it takes to get back to even

Each point of loss takes more than a point of gain to recover, and the gap widens fast.

LossWhat's leftGain needed to break even

How long the climb takes

Same average, different outcome